Industry News...

May 27, 2013

The cost of buying a home: It’s not just the mortgage, silly! Associated costs include down payment, closing costs, moving costs and new appliances.

Adam Frank and his girlfriend, MaryAnne, both 29, knew they wouldn’t become homeowners overnight. The two were realistic and grounded in their approach. They had conversations. They researched. They crunched numbers.

The couple knew buying a house in Toronto could put them over the edge. When the time came to stop renting and finally buy their first home, the couple opted for a condo.

“We knew what the costs were going to be and we were comfortable with them,” says Frank. “We were renting for three years. We just both knew it was time to invest. It’s still under construction, but we took occupancy January 16th. Rumour has it we’re going to close in June or July.”

With rents rising in the city of Toronto, some first-time buyers are eager to enter the housing market. According to the Toronto Real Estate Board, the average monthly rent for a one-bedroom condo is $1,597, up 4% from last year. Garden-level apartments (a euphemism on Craigslist for basement apartments), list upward of $1,300 per month. At 1.7%, vacancy rates remain low.

Investing in a condo is appealing as these properties generally come with a lower price tag. Royal LePage reports the price of the average condo in Toronto was $356,865.

CMP magazine is holding its sixth annual review of Canada’s Top 75 Brokers for 2012 funded mortgage volume, giving residential brokers the chance to win the top spots based on individual volumes.

In addition to the CMP Top 75, this year marks the second year of the Small Market Top 20 – a list celebrating the accomplishments of mortgage professionals in markets with 2012 average home prices of $290,000 or less.

The entry deadline is Friday, June 21st, so don’t delay!

Last year’s Top 75 list included funded volumes (from 2011) ranging from just over $26 million in 75th position to more than $410 million in top spot. If your funded volume for 2012 is above $25 million, it’s definitely worth your while to fill out the submission form.

Please note that your volume submission must only include deals you personally generated and for which you alone received commission. It’s okay if someone else helped you process the deals, but no one else should have been paid commission on these deals.